Will China’s Real Estate Bubble Pop?
Last night 60 Minutes interviewed a Chinese real estate mogul followed by a piece questioning the sustainability of property development in that country [see video below]. It appears the emerging Chinese middle class are investing in property because real estate has always gone up more than inflation. Sounds familiar?
The building of malls with no prospects for luring tenants has been known for a couple of years, but it appears to apply to entire cities in China. This could be the reason a stock like Cliffs Natural Resources (CLF), a major exporter of iron ore, has collapsed.
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Michael
June 25, 2013 at 2:18 am
What was the first city called again?
Barron Maestro
June 25, 2013 at 2:38 am
According to Wikipedia, Zhengzhou is the capital and largest city of Henan province in north-central China. A prefecture-level city, it also serves as the political, economic, technological, and educational centre of the province, as well as a major transportation hub for Central China. The city lies on the southern bank of the Yellow River, and is one of the Eight Great Ancient Capitals of China.